The Double-Entry Accounting System

1. Explain the fundamental concepts associated with double-entry accounting systems.

2. Describe business events using debit/credit terminology.

3. Record transactions in T-accounts.

4. Identify the events that need adjusting entries and record them.

5. State the need for and record closing entries.

6. Prepare and interpret a trial balance.

7. Record transactions using the general journal format.

8. Describe the components of an annual report, including the management, discussion, and analysis section and the footnotes to financial statements.

9. Describe the role of the Securities and Exchange Commission in financial reporting.